In what could become just the tip of a legal iceberg for UBS, Lehman Brothers and others over sales of Lehman Principal Protection Notes, a class-action lawsuit has been filed in the United States District Court for the Southern District of New York. Among the claims that the plaintiff, Stephen P. Gott, alleges: UBS, Lehman […]
Two Louisiana pension funds filed lawsuitas against Citigroup and JPMorgan Chase in the wake of the subprime fallout and 2008 credit crunch. The Louisiana Sheriffs’ Pension and Relief Fund and the Louisiana Municipal Employees’ Retirement System allegesd that Citigroup and JPMorgan misled investors in more than $29 billion of Citigroup’s securities offerings dating back to […]
It seems as though another legal battle with investors in the works for Swiss-based investment bank UBS AG – this time over sales of Lehman Brothers Principal Protected Notes, which are now deemed essentially worthless. Structured notes are financial instruments that combine derivatives – including a single security, a pool of securities, options, indices, commodities, […]
The nation’s second-largest bank by assets, Citigroup announced its 2008 third-quarter net loss of nearly $3 billion. The New York-based bank continues to struggle from exposure to derivatives and bad bets on mortgage-related securities. It is Citigroup’s fourth consecutive quarterly loss. The banking giant’s latest earnings results pale in comparison to its financial standing for […]
After a run of previous failures, the Citibank is now closing its $400 million Tribeca Convertible LP arbitrage fund. It is the final chapter in Citigroup’s plan to shut down its Tribeca Global Investments hedge fund. Investor redemptions are thought to be the reason behind the fund closing. According to an Aug. 4, 2008 article […]